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Radian Group Inc Q2 adjusted earnings Miss Estimates

Every State’s Rules for Staying Open and Social Distancing

After many states across the country set new records in daily new coronavirus cases in the middle of July, COVID-19 infections are once again appearing to be leveling off. Some of the increase in cases has been the result of more testing, but a significant portion was due to wide community spread, causing many states to take action and halt plans for further reopening.

To determine each state’s social distancing measures and rules for reopening, 24/7 Wall St. reviewed executive orders from state governors over the last few weeks.

Many states have issued mandates requiring residents to wear face coverings when they are anywhere in public, especially in enclosed spaces.

As COVID-19 continues to spread, though at a slower pace than a few weeks ago, there are significant variations in how states are deciding to continue opening their economies and allow people to gather again.

Across the country, there were more than 4.9 million cases of COVID-19 as of Aug. 6, or about 420,000 more than just a week ago. The concentrations in active cases are not evenly spread across the country, and the hotspots of the virus are changing — these are the cities where COVID-19 is growing the fastest right now.

Click here for every state’s rules for staying open

European Economics Preview: Eurozone Final Factory PMI Data Due

Factory Purchasing Managers’ survey data from euro area and the UK are due on Monday, headlining a light day for the European economic news.

At 2.30 am ET, the Federal Statistical Office releases Swiss consumer price data for July. Prices are forecast to fall 1.1 percent on year, slower than the 1.3 percent decrease in June.

At 3.00 am ET, factory PMI survey results are due from Poland and Hungary. In the meantime, Austria’s unemployment data is due.

At 3.15 am ET, Spain manufacturing PMI data is due. Economists forecast the factory PMI to rise to 52.0 in July from 49.0 in June.

At 3.45 am ET, IHS Markit publishes Italy’s factory PMI results. The index reading is seen at 51.2 in July versus 47.5 in the previous month.

Thereafter, final PMI survey results are due from France and Germany at 3.50 and 3.55 am ET, respectively.

At 4.00 am ET, Eurozone final manufacturing PMI data is due. The final score is seen at 51.1 in July, unchanged from flash estimate, versus 47.4 in June.

At 4.30 am ET, IHS Markit is set to publish UK manufacturing PMI data. Economists forecast the score to rise to 53.6 in July, in line with flash estimate, from 50.1 in June.

Cash-Advance Tycoon Arrested on Gun Charge Amid FBI, SEC Probes

Joseph LaForte, who until recently ran one of the country’s largest cash-advance firms, was arrested on a firearms possession charge as he also faces federal criminal and civil probes into his lending company.

The Federal Bureau of Investigation, which conducted searches of various locations connected to LaForte’s operation last week, confirmed his arrest Friday in Haverford, Pennsylvania. LaForte, 49, is being held pending a hearing next week in federal court in Philadelphia. His lawyer, Michael Engle, declined to comment.

Over the past decade, LaForte built Complete Business Solutions Group Inc., which does business as Par Funding, into a leading player in the largely unregulated merchant cash advance industry. Cash-advance lenders offer short-term loans charging interest rates as high as 400% to small businesses.

The FBI searches last week took place the same day that a court-appointed receivertook over Par at the request of the U.S. Securities & Exchange Commission, which is suing the company and LaForte for securities fraud.

LaForte wasn’t allowed to possess the weapons, which included several pistols and shotguns, because of his earlier felony convictions, the indictment states. LaForte served time for a real-estate scam and an illegal gambling operation prior to starting Par.

Gold Futures Snap 5-day Winning Streak, Settle Sharply Lower

Gold futures snapped a five-session winning streak and settled sharply lower on Friday as the dollar firmed up against major peers after data showed a bigger than expected increase in U.S. jobs growth in July.

Gold declined today despite rising U.S.-China tensions and reports saying there are signs of a second wave of coronavirus infections emerging in Europe.

The failure of U.S. Democratic leaders and White House officials to make any meaningful progress on a new coronavirus aid bill contributed a bit to gold’s decline.

The dollar index rallied to 93.62 around mid morning, and despite easing to 93.45 subsequently, was still firmly placed in positive territory with a gain of over 0.7%.

Gold futures for December ended down $41.40 or about 2% at $2,028.00 an ounce, after hitting a high of $2,071.00 an ounce intraday.

Gold futures posted a gain of about 2.2% in the week.

Silver futures for September closed lower by $0.860 at $27.540 an ounce, while Copper futures for September settled at $2.7925 per pound, down $0.1180 from previous close.

Data from the Labor Department showed that employment rose by 1.763 million jobs in July after climbing by a downwardly revised 4.791 million jobs in June. Economists had expected employment to rise by 1.6 million jobs compared to the 4.8 million job spike originally reported for the previous month.

The unemployment rate fell to 10.2% in July from 11.1% in June. The rate was expected to drop to 10.5%.

Radian Group Inc Q2 adjusted earnings Miss Estimates

Below are the earnings highlights for Radian Group Inc (RDN):

-Earnings: -$29.95 million in Q2 vs. $166.73 million in the same period last year.
-EPS: -$0.15 in Q2 vs. $0.78 in the same period last year.
-Excluding items, Radian Group Inc reported adjusted earnings of -$88.50 million or -$0.36 per share for the period.
-Analysts projected $0.19 per share
-Revenue: $364.44 million in Q2 vs. $394.96 million in the same period last year.